Exercise 12-9A Process cost system LO 12-2, 12-3 Zachary Manufacturing Company started operations on January 1, 2019. During 2019, the company engaged in the following transactions 1. Issued common stock for $88,000. 2. Paid $37.000 cash to purchase raw materials used to make products. 3. Transferred $25,000 of raw materials to the production department 4. Paid $33,500 cash for labor used to make products. 5. Paid $55,000 cash for overhead costs (assume actual and estimated overhead are the same). 6. Finished work on products that cost $87,000 to make. 7. Sold products that cost $70,000 to make for $97,000 cash. Required a. Prepare the December 31, 2019, balance sheet. b. Prepare the December 31, 2019, income statement Complete this question by entering your answers in the tabs below. Required A Required B Prepare the December 31, 2019, balance sheet. ZACHARY MANUFACTURING COMPANY Balance Sheet for 2019 Assets 4. Paid $33,500 cash for labor used to make products. 5. Paid $55,000 cash for overhead costs (assume actual and estimated overhead are the same). 6. Finished work on products that cost $87,000 to make 7. Sold products that cost $70,000 to make for $97,000 cash. Required a. Prepare the December 31, 2019, balance sheet. b. Prepare the December 31, 2019, income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the December 31, 2019, balance sheet. ZACHARY MANUFACTURING COMPANY Balance Sheet for 2019 Assets $ 0 Total assets Equity Total equity $ 0 4. Paid $33,500 cash for labor used to make products, 5. Paid $55,000 cash for overhead costs (assume actual and estimated overhead are the same). 6. Finished work on products that cost $87,000 to make. 7. Sold products that cost $70,000 to make for $97,000 cash. Required a. Prepare the December 31, 2019, balance sheet b. Prepare the December 31, 2019. income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the December 31, 2019, income statement. ZACHARY MANUFACTURING COMPANY Income Statement for 2019 $ 0 $ 0